Does a Home Equity Conversion Mortgage make sense for you?

Consider the following questions: 

Are you qualified? Are you and any co-owner of your home at least 62 years of age? Do you own it and live in it as your primary residence? These conditions must be met in order to qualify for a reverse mortgage.

Do you have equity in your home? If you have worked hard to pay down your mortgage and maintain and improve your home, a reverse mortgage is a way to realize the reward for your dedication.

Are you comfortable with your current level of retirement income? A reverse mortgage can improve your quality of life and offer you peace of mind. Many individuals, whether retired or approaching retirement are discovering that traditional retirement plans, such as 401(k)s, pesions and IRAs,  do not provide enough income to cover anticipated living and healthcare expenses. Using the "tenure" option - taking your reverse mortgage proceeds in regular monthly payments that last as long as you live in the property =  is a way to boost your monthly cash flow. It can also produce a lower loan balance than a lump sum distribution.

Do you want to pay off your existing mortgage? Some retirees are still paying off a conventional mortgage and have less disposable income than they would like. A reverse mortgage can pay off an existing mortgage, depnding on the amount you owe, and free up cash for other things.

Why is a reverse mortgage better than a home equity loan? A reverse mortgage does not have income and credit requirements, and also does not require a monthly loan payment. 

Do you plan to pass your home onto your children or loved ones? The title remains in your control.